The delegation form the International Monetary Fund (IMF) and the European Commission (EC) were in Budapest from 16-28 January 2013 for their annual economic policy consultation required according to Article IV of the IMF Statute, and to perform an ex-post monitoring evaluation with regard to the IMF loan furnished in October 2008.

The closing declaration with regard to the visit performed under Article IV of the IMF Statue may be read at the webpage by clicking here

The Hungarian budget was in actual fact in a significantly better position than the IMF and EU forecast in its prognoses for 2011 and 2012: it closed with an excess in 2011, while according to preliminary data, it is probable that the deficit to GDP ratio for 2012, calculated according to EU methodology, will remain at under 3%, in line with the Government's objectives. The measures introduced by the Government are not one-time in nature (meaning they do not stabilise the economy for just a single year), but instead assure the sustainability of state finances in the long term. The deficit will be kept under 3%, as Hungary is committed to having the excessive deficit procedure lifted this year.

Source: kormany.hu